Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

The honourable member knows a lot better than that, because he chaired the initial review on financial advice. I actually pay tribute to him for the work he did in that review. The work he did on the Ripoll report formed the basis for the existing laws. Now the Labor Party is complaining about its own laws. That is very interesting. The tragedy of the Ripoll report was that it was not implemented in full by the then Minister for Financial Services and Superannuation. The then minister for financial services was too busy engaging in unfair dismissal activity against his own leader to focus on his portfolio at the time. So we had this great sense of embarrassment when the now Leader of the Opposition introduced the Corporations Amendment (Future of Financial Advice) Bill 2012 because he came into this place with a bill that was meant to lay down the future of financial advice in Australia and we kept pointing out that there were some fundamental problems in that bill. When he introduced the bill, even when he had the numbers in this place and the Senate to pass it, he was so embarrassed about the state of it that he had to introduce 16 amendments on the floor of the House to his own financial advice legislation. Because he made such a mess of the entire process of financial advice, he had an original explanatory—

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